The chairman of British bank Lloyds just broke the trend as a banking executive and said he thinks that the country may be better off leaving the European Union — also known as a “Brexit.”
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Lord Blackwell told politicians in the House of Lords this week that there were “no compelling economic arguments” for Britain staying within the 28 nation bloc. He added that he doesn’t believe there is much of a case to stay in the EU unless “there was a significant change in the current arrangements [that] is ultimately sustainable.”
The former adviser to Conservative ex-Prime Ministers John Major and Margaret Thatcher, made of point of saying that his comments were being made in a “personal capacity.” However, this doesn’t draw away from the fact that the boss of a huge British banking institution is sticking his head above the parapet and breaking away from the general big business consensus that Britain is better off staying as part of the EU.
“I don’t agree that remaining in the European Union without a significant change in the current arrangements is ultimately sustainable from a political and constitutional perspective, nor do I believe that there is a compelling economic argument to overcome those reasons,” said Lord Blackwell in the House of Lords, and documented by The Telegraph.
“Of course under any outcome it would be simplest to stay in the single market if we can do so while protecting the global competitiveness of the City of London and other key sectors from unwelcome regulation.
“However whatever the nature of our relationship that emerges it is clearly in the interests of both UK and European business to maintain trade arrangement.”
The Conservative-led government will give Britons the chance to vote by 2017 on whether they want to stay within the EU.]
Big businesses have generally erred on the side of staying within the bloc because of the estimated economic impact a Brexit could have on the country. This week, the former boss of the bellwether retailer Marks & Spencer, Lord Rose said that leaving the EU would kill off three million jobs.
Elsewhere, banks like HSBC have warned that if Britain leaves the EU, it may be forced to relocate.
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